Business Context and Reporting Period
Company: TransAct Technologies Incorporated (TACT)
Filing Type: Form 8-K (Current Report)
Date of Report: April 7, 2025
Reporting Period: The filing addresses events occurring on April 7 and April 8, 2025, regarding the change of the independent registered public accounting firm.
Key Financial Metrics
This filing is a current report regarding a change in auditors and does not contain financial performance data. The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Resignation of Former Auditor: Marcum LLP resigned as the Company's independent registered public accounting firm on April 7, 2025. The Audit Committee approved the resignation on April 8, 2025.
- Reason for Change: The resignation coincides with the acquisition of Marcum's attest business by CBIZ CPAs P.C. on November 1, 2024. Substantially all partners and staff from Marcum joined CBIZ.
- Engagement of New Auditor: CBIZ CPAs P.C. was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective April 8, 2025.
- Audit History: Marcum's reports for fiscal years 2023 and 2024 did not contain adverse opinions, disclaimers, or qualifications. There were no disagreements or reportable events between the Company and Marcum during the relevant periods.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on business operations. The primary risk disclosed is the transition of audit services, which the Company states was handled without disagreement or reportable events. Marcum has confirmed in a letter (Exhibit 16.1) that it agrees with the statements made in this report.
Investor Verification Checklist
- Verify the transition timeline between Marcum LLP and CBIZ CPAs P.C. to ensure no gap in audit coverage.
- Review the letter from Marcum (Exhibit 16.1) to confirm their agreement with the Company's disclosure regarding the lack of disagreements.
- Monitor future filings (e.g., 10-Q) to confirm CBIZ's initial audit opinions and any potential restatements.
- Confirm that the change in auditor was solely due to the business acquisition and not due to undisclosed accounting disputes.